Partnership revolutionises payments for Australian and New Zealand insurers

Partnership revolutionises payments for Australian and New Zealand insurers | Insurance Business New Zealand

Technology

Partnership revolutionises payments for Australian and New Zealand insurers

First insurance customer revealed

Technology

By
Roxanne Libatique

GoCardless, a company specialising in bank payments, has announced a partnership with ICE InsureTech, a provider of insurance software, to offer automated payment solutions for insurance companies in Australia and New Zealand.

This partnership allows ICE InsureTech customers to use GoCardless for streamlining payment processes and improving customer service.

Transitioning from card payments to bank payments is expected to lower involuntary churn and avoid high transaction fees. Customers’ payments are expected to be processed on the due date automatically.

Luke Fossett, general manager ANZ at GoCardless, said the partnership gives the company exposure to insurance companies across its operating markets.

“This new partnership provides a strategic opportunity, giving us great exposure to insurance companies in most of the markets we operate in. We are excited to help them deliver better digital experiences through faster and more seamless payments, and look forward to growing our customer base together with ICE InsureTech,” he said.

“We are delighted to be integrated with GoCardless,” said Vishal Thaper, head of product at ICE InsureTech. “The integration is easy to set up and help is always at hand from a member of their team if ever you get stuck. GoCardless makes the overall cost of acquisition cheaper, not to mention the process is faster and more accurate for our end customers. We are very proud to have created such a seamless journey for weekly, fortnightly, and monthly scheduled payments. We look forward to doing more together in the future by bringing open banking and Variable Recurring Payments into the insurance industry.”

Provident Insurance first customer of GoCardless and ICE InsureTech automated payment solutions

The integration is now live in Australia and New Zealand, with Provident Insurance as the first joint customer.

Expansion to the UK and Ireland, featuring Direct Debit and open banking payments, is planned for later this year.

This development supports GoCardless’s broader strategy to scale customer acquisition. The fintech company collaborates with over 350 partners, enabling businesses to integrate GoCardless into their existing software for streamlined payment and business activities management.